Kimball Electronics Reports Q4 Results; Company Provides Guidance for Fiscal 2025
Kimball Electronics (Nasdaq: KE) reported Q4 fiscal 2024 results with net sales of $430.2 million and operating income of $19.6 million (4.6% of net sales). The company generated $48.5 million in cash flow from operations, driven by inventory reductions. For the full fiscal year 2024, net sales totaled $1.71 billion with adjusted operating income of $74.3 million (4.3% of net sales).
CEO Richard D. Phillips noted challenging market conditions and the company's focus on cost structure adjustments and working capital management. Kimball Electronics completed the divestiture of its Automation, Test and Measurement business, strengthening its balance sheet and strategic focus. For fiscal 2025, the company projects net sales between $1.44-$1.54 billion and adjusted operating income of 4.0-4.5% of net sales.
Kimball Electronics (Nasdaq: KE) ha riportato i risultati del quarto trimestre fiscale 2024 con vendite nette di 430,2 milioni di dollari e utile operativo di 19,6 milioni di dollari (4,6% delle vendite nette). L'azienda ha generato 48,5 milioni di dollari di flusso di cassa dalle operazioni, grazie alla riduzione dell'inventario. Per l'intero anno fiscale 2024, le vendite nette hanno raggiunto un totale di 1,71 miliardi di dollari con un utile operativo rettificato di 74,3 milioni di dollari (4,3% delle vendite nette).
Il CEO Richard D. Phillips ha evidenziato le difficoltà del mercato e l'attenzione dell'azienda sui cambiamenti nella struttura dei costi e nella gestione del capitale circolante. Kimball Electronics ha completato la cessione della sua divisione Automazione, Test e Misurazione, rafforzando il proprio bilancio e il focus strategico. Per l'anno fiscale 2025, l'azienda prevede vendite nette tra 1,44-1,54 miliardi di dollari e un utile operativo rettificato del 4,0-4,5% delle vendite nette.
Kimball Electronics (Nasdaq: KE) reportó resultados del cuarto trimestre fiscal 2024 con ventas netas de 430,2 millones de dólares y ingreso operativo de 19,6 millones de dólares (4,6% de las ventas netas). La empresa generó 48,5 millones de dólares en flujo de efectivo de operaciones, impulsada por reducciones en inventario. Para el año fiscal completo 2024, las ventas netas alcanzaron un total de 1,71 mil millones de dólares con un ingreso operativo ajustado de 74,3 millones de dólares (4,3% de las ventas netas).
El CEO, Richard D. Phillips, destacó las difíciles condiciones del mercado y el enfoque de la empresa en ajustes de estructura de costos y gestión del capital de trabajo. Kimball Electronics completó la desinversión de su negocio de Automatización, Pruebas y Medición, fortaleciendo su balance y enfoque estratégico. Para el año fiscal 2025, la empresa proyecta ventas netas entre 1,44-1,54 mil millones de dólares y un ingreso operativo ajustado del 4,0-4,5% de las ventas netas.
킴볼 일렉트로닉스(Kimball Electronics, Nasdaq: KE)는 2024 회계연도 4분기 결과를 발표했습니다. 순매출 4억 3,020만 달러와 영업 이익 1,960만 달러 (순매출의 4.6%)를 기록했습니다. 이 회사는 재고 감소에 힘입어 운영에서 4,850만 달러의 현금 흐름을 창출했습니다. 2024 회계연도를 전체적으로 보면, 순매출은 17억 1,000만 달러에 조정된 영업 이익은 7,430만 달러 (순매출의 4.3%)에 달했습니다.
CEO 리처드 D. 필립스(Richard D. Phillips)는 어려운 시장 환경과 비용 구조 조정 및 운전 자본 관리에 대한 회사의 초점을 언급했습니다. 킴볼 일렉트로닉스는 자동화, 테스트 및 측정 사업 부문의 매각을 완료하여 재무 상태와 전략적 초점을 강화했습니다. 2025 회계연도에 대해 회사는 14억 4,000만-15억 4,000만 달러의 순매출과 순매출의 4.0-4.5%의 조정 영업 이익을 예상하고 있습니다.
Kimball Electronics (Nasdaq: KE) a publié les résultats du quatrième trimestre de l'exercice fiscal 2024, avec un chiffre d'affaires net de 430,2 millions de dollars et un résultat opérationnel de 19,6 millions de dollars (4,6% du chiffre d'affaires net). L'entreprise a généré 48,5 millions de dollars de flux de trésorerie provenant de ses opérations, grâce à des réductions de stocks. Pour l'ensemble de l'exercice fiscal 2024, le chiffre d'affaires net a totalisé 1,71 milliard de dollars avec un résultat opérationnel ajusté de 74,3 millions de dollars (4,3% du chiffre d'affaires net).
Le PDG Richard D. Phillips a souligné les conditions de marché difficiles et l'accent mis par l'entreprise sur les ajustements de la structure des coûts et la gestion du fonds de roulement. Kimball Electronics a achevé la cession de sa division Automatisation, Tests et Mesures, renforçant ainsi son bilan et son axe stratégique. Pour l'exercice fiscal 2025, l'entreprise prévoit un chiffre d'affaires net compris entre 1,44 et 1,54 milliard de dollars et un résultat opérationnel ajusté de 4,0 à 4,5% du chiffre d'affaires net.
Kimball Electronics (Nasdaq: KE) hat die Ergebnisse für das vierte Quartal des Geschäftsjahres 2024 veröffentlicht, mit Nettoverkaufszahlen von 430,2 Millionen Dollar und Betriebsgewinn von 19,6 Millionen Dollar (4,6% der Nettoverkäufe). Das Unternehmen erwirtschaftete 48,5 Millionen Dollar an Cashflow aus dem operativen Geschäft, was auf Bestandsverringerungen zurückzuführen ist. Für das gesamte Geschäftsjahr 2024 betrugen die Nettoverkäufe insgesamt 1,71 Milliarden Dollar mit einem bereinigten Betriebsgewinn von 74,3 Millionen Dollar (4,3% der Nettoverkäufe).
CEO Richard D. Phillips wies auf herausfordernde Marktbedingungen hin und betonte den Fokus des Unternehmens auf Anpassungen der Kostenstruktur und das Management des Betriebskapitals. Kimball Electronics hat den Verkauf des Geschäftsbereichs Automation, Test und Messung abgeschlossen, was die Bilanz und den strategischen Fokus gestärkt hat. Für das Geschäftsjahr 2025 prognostiziert das Unternehmen Nettoverkäufe zwischen 1,44-1,54 Milliarden Dollar und einen bereinigten Betriebsgewinn von 4,0-4,5% der Nettoverkäufe.
- Generated $48.5 million in cash flow from operations in Q4
- Reduced inventory by $112 million (25%) year-over-year
- Completed divestiture of Automation, Test and Measurement business, strengthening balance sheet
- Ended Q4 with $78 million in cash and $142.1 million in available borrowing capacity
- Q4 net sales decreased 13% year-over-year to $430.2 million
- Q4 operating income declined to $19.6 million from $31.4 million in the previous year
- Full-year net sales decreased 6% to $1.71 billion
- Projecting 8% to 14% decline in net sales for fiscal 2025 (excluding divested business)
Insights
Kimball Electronics' Q4 results reveal a challenging environment for the EMS industry. Net sales decreased
Despite headwinds, the company demonstrated strong cash management, generating
The FY2025 guidance of
The EMS industry is facing significant headwinds, as evidenced by Kimball's results. The
Kimball's inventory reduction of
The divestiture of the Automation, Test and Measurement business aligns with industry trends of focusing on core competencies and could improve overall company performance in the long run.
Fourth Quarter Fiscal 2024 Highlights
-
Net sales totaled
$430.2 million -
Operating income of
$19.6 million 4.6% of net sales -
Adjusted operating income of
$20.9 million 4.9% of net sales -
Cash flow generated from operating activities of
$48.5 million
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
(Amounts in Thousands, except EPS) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net Sales |
$ |
430,158 |
|
|
$ |
496,141 |
|
|
$ |
1,714,510 |
|
|
$ |
1,823,429 |
|
Operating Income (1) |
$ |
19,608 |
|
|
$ |
31,449 |
|
|
$ |
49,277 |
|
|
$ |
87,729 |
|
Adjusted Operating Income (non-GAAP) (2) |
$ |
20,944 |
|
|
$ |
31,480 |
|
|
$ |
74,311 |
|
|
$ |
88,218 |
|
Operating Income % |
|
4.6 |
% |
|
|
6.3 |
% |
|
|
2.9 |
% |
|
|
4.8 |
% |
Adjusted Operating Income (non-GAAP) % |
|
4.9 |
% |
|
|
6.3 |
% |
|
|
4.3 |
% |
|
|
4.8 |
% |
Net Income (1) |
$ |
7,543 |
|
|
$ |
19,202 |
|
|
$ |
20,511 |
|
|
$ |
55,831 |
|
Adjusted Net Income (non-GAAP) (2) |
$ |
8,361 |
|
|
$ |
19,041 |
|
|
$ |
35,846 |
|
|
$ |
55,949 |
|
Diluted EPS (1) |
$ |
0.30 |
|
|
$ |
0.76 |
|
|
$ |
0.81 |
|
|
$ |
2.22 |
|
Adjusted Diluted EPS (non-GAAP) (2) |
$ |
0.33 |
|
|
$ |
0.76 |
|
|
$ |
1.42 |
|
|
$ |
2.23 |
|
(1) |
Results (GAAP) in the June 30, 2024 three months and fiscal year periods include asset and goodwill impairment related to the divestiture of the Automation, Test and Measurement business. |
|
(2) |
A reconciliation of GAAP and non-GAAP financial measures is included below. |
|
Commenting on today’s announcement, Richard D. Phillips, Chief Executive Officer, stated, “Q4 was another quarter focused on ‘controlling what we can control’. The operating environment for the EMS industry remains challenged and many contract manufacturing organizations, Kimball included, have adjusted expectations on continued weakness in end market demand. In the verticals we serve, the pull back has been more significant than originally anticipated, and we continue to appropriately adjust our cost structure to maintain competitiveness with stable operating margins, improve working capital management with lower inventory levels, and generate positive cash flow.”
Mr. Phillips continued, “Earlier this month, we announced the completion of the divestiture of the Automation, Test and Measurement business. Closure on the sale represents a significant milestone for our Company, and another important step toward sharpening our strategic focus and returning to profitable growth and stronger performance. Proceeds from the sale, combined with actions taken to navigate the current environment, have strengthened our balance sheet with increased liquidity and financial flexibility. In addition, recent new program wins, which will start to impact fiscal 2026, make us excited for the future.”
The Company ended the fourth quarter of fiscal 2024 with cash and cash equivalents of
Fiscal Year 2024 Highlights:
-
Net sales totaled
$1,714.5 million -
Adjusted operating income of
$74.3 million 4.3% of net sales -
Inventory reductions of
$112 million 25% , year-over-year -
Cash flow generated from operating activities of
$73 million
Net Sales by Vertical Market for Q4 and Full Year Fiscal 2024: |
|||||||||||||||||||||||||||||
|
Three Months Ended |
|
|
|
Fiscal Year Ended |
|
|
||||||||||||||||||||||
|
June 30, |
|
|
|
June 30, |
|
|
||||||||||||||||||||||
(Amounts in Millions) |
2024 |
|
* |
|
2023 |
|
* |
|
Percent Change |
|
2024 |
|
* |
|
2023 |
|
* |
|
Percent Change |
||||||||||
Automotive (1) |
$ |
211.7 |
|
49 |
% |
|
$ |
228.5 |
|
46 |
% |
|
(7 |
)% |
|
$ |
826.4 |
|
48 |
% |
|
$ |
843.8 |
|
46 |
% |
|
(2 |
)% |
Medical (1) |
|
102.2 |
|
24 |
% |
|
|
123.6 |
|
25 |
% |
|
(17 |
)% |
|
|
425.7 |
|
25 |
% |
|
|
500.7 |
|
28 |
% |
|
(15 |
)% |
Industrial (1) |
|
116.3 |
|
27 |
% |
|
|
144.0 |
|
29 |
% |
|
(19 |
)% |
|
|
462.4 |
|
27 |
% |
|
|
478.9 |
|
26 |
% |
|
(3 |
)% |
Total Net Sales |
$ |
430.2 |
|
|
|
$ |
496.1 |
|
|
|
(13 |
)% |
|
$ |
1,714.5 |
|
|
|
$ |
1,823.4 |
|
|
|
(6 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
* As a percent of Total Net Sales |
|||||||||||||||||||||||||||||
(1) Beginning in fiscal year 2024, miscellaneous sales previously reported in Other are now reported in the respective three end market verticals; all prior periods have been recast to conform to current period presentation |
|||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
– Automotive includes electronic power steering, body controls, automated driver assist systems, and electronic braking systems |
|||||||||||||||||||||||||||||
– Medical includes sleep therapy and respiratory care, image guided therapy, in vitro diagnostics, drug delivery, AED, and patient monitoring |
|||||||||||||||||||||||||||||
– Industrial includes climate controls, automation controls, optical inspection, and public safety |
|||||||||||||||||||||||||||||
Jana T. Croom, Chief Financial Officer, commented, “Fiscal 2024 was hard fought with a challenging operating environment combined with divesting the AT&M business, which was not a small undertaking for our Company. I would like to thank the entire Kimball team for their efforts involved in closing the transaction and ensuring a smooth transition. Looking to fiscal 2025, we expect macro headwinds to persist. We will balance these pressures with cost controls, a capital allocation strategy focused on longer-term growth, lasting customer relationships, and opportunistic share repurchases.”
Fiscal Year 2025 Guidance
-
Net sales in the range of
$1.44 0$1.54 0 billion8% to14% decline year-over-year when excluding net sales from Automation, Test and Measurement. (a) -
Adjusted operating income of
4.0% -4.5% of net sales. (b) -
Capital expenditures of
$40 $50 million
(a) |
A reconciliation of net sales excluding Automation, Test and Measurement is included in the Non-GAAP Reconciliations section. |
|
(b) |
Fiscal year 2025 guidance reflects a change in our adjusted operating income calculation beginning in fiscal year 2025, which will exclude stock compensation expense, currently included in adjusted operating income. This change better aligns our presentation with others in our industry. Fiscal year 2024, under this new calculation, by comparison, would have been |
|
Forward-Looking Statements
Certain statements contained within this release are considered forward-looking, including our guidance, under the Private Securities Litigation Reform Act of 1995. The statements may be identified by the use of words such as “expect,” “should,” “goal,” “predict,” “will,” “future,” “optimistic,” “confident,” and “believe.” Undue reliance should not be placed on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. These forward-looking statements are subject to risks and uncertainties including, without limitation, global economic conditions, geopolitical environment and conflicts such as the war in
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. The non-GAAP financial measures contained herein include constant currency growth, net sales excluding Automation, Test & Measurement, adjusted selling and administrative expenses, adjusted operating income, adjusted net income, adjusted diluted EPS, and ROIC. Reconciliations of the reported GAAP numbers to these non-GAAP financial measures are included in the Reconciliation of Non-GAAP Financial Measures section below. Management believes these measures are useful and allow investors to meaningfully trend, analyze, and benchmark the performance of the company’s core operations. The company’s non-GAAP financial measures are not necessarily comparable to non-GAAP information used by other companies.
About Kimball Electronics, Inc.
Kimball Electronics is a global, multifaceted manufacturing solutions provider of electronics and diversified contract manufacturing services to customers around the world. From our operations in
To learn more about Kimball Electronics, visit www.kimballelectronics.com.
Conference Call / Webcast |
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Date: |
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August 14, 2024 |
Time: |
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10:00 AM Eastern Time |
Live Webcast: |
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investors.kimballelectronics.com/events-and-presentations/events |
Dial-In #: |
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877-407-8293 (or 201-689-8349) |
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For those unable to participate in the live webcast, the call will be archived at investors.kimballelectronics.com.
Lasting relationships. Global success.
Financial highlights for the fourth quarter and fiscal year ended June 30, 2024 are as follows: |
|||||||||||||
Condensed Consolidated Statements of Income |
|||||||||||||
(Unaudited) |
Three Months Ended |
||||||||||||
(Amounts in Thousands, except Per Share Data) |
June 30, 2024 |
|
June 30, 2023 |
||||||||||
Net Sales |
$ |
430,158 |
|
|
100.0 |
% |
|
$ |
496,141 |
|
|
100.0 |
% |
Cost of Sales |
|
393,420 |
|
|
91.5 |
% |
|
|
446,460 |
|
|
90.0 |
% |
Gross Profit |
|
36,738 |
|
|
8.5 |
% |
|
|
49,681 |
|
|
10.0 |
% |
Selling and Administrative Expenses |
|
15,890 |
|
|
3.6 |
% |
|
|
18,444 |
|
|
3.7 |
% |
Other General Expense (Income) |
|
— |
|
|
— |
% |
|
|
(212 |
) |
|
— |
% |
Restructuring Expense |
|
764 |
|
|
0.2 |
% |
|
|
— |
|
|
— |
% |
Asset Impairment |
|
476 |
|
|
0.1 |
% |
|
|
— |
|
|
— |
% |
Operating Income |
|
19,608 |
|
|
4.6 |
% |
|
|
31,449 |
|
|
6.3 |
% |
Interest Income |
|
155 |
|
|
— |
% |
|
|
65 |
|
|
— |
% |
Interest Expense |
|
(5,380 |
) |
|
(1.3 |
)% |
|
|
(5,473 |
) |
|
(1.1 |
)% |
Non-Operating Income (Expense), net |
|
(918 |
) |
|
(0.2 |
)% |
|
|
466 |
|
|
0.1 |
% |
Other Income (Expense), net |
|
(6,143 |
) |
|
(1.5 |
)% |
|
|
(4,942 |
) |
|
(1.0 |
)% |
Income Before Taxes on Income |
|
13,465 |
|
|
3.1 |
% |
|
|
26,507 |
|
|
5.3 |
% |
Provision for Income Taxes |
|
5,922 |
|
|
1.3 |
% |
|
|
7,305 |
|
|
1.4 |
% |
Net Income |
$ |
7,543 |
|
|
1.8 |
% |
|
$ |
19,202 |
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
||||||
Earnings Per Share of Common Stock: |
|
|
|
|
|
|
|
||||||
Basic |
$ |
0.30 |
|
|
|
|
$ |
0.77 |
|
|
|
||
Diluted |
$ |
0.30 |
|
|
|
|
$ |
0.76 |
|
|
|
||
Average Number of Shares Outstanding: |
|
|
|
|
|
|
|
||||||
Basic |
|
25,064 |
|
|
|
|
|
25,009 |
|
|
|
||
Diluted |
|
25,246 |
|
|
|
|
|
25,161 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
(Unaudited) |
Fiscal Year Ended |
||||||||||||
(Amounts in Thousands, except Per Share Data) |
June 30, 2024 |
|
June 30, 2023 |
||||||||||
Net Sales |
$ |
1,714,510 |
|
|
100.0 |
% |
|
$ |
1,823,429 |
|
|
100.0 |
% |
Cost of Sales |
|
1,574,253 |
|
|
91.8 |
% |
|
|
1,667,264 |
|
|
91.4 |
% |
Gross Profit |
|
140,257 |
|
|
8.2 |
% |
|
|
156,165 |
|
|
8.6 |
% |
Selling and Administrative Expenses |
|
66,626 |
|
|
4.0 |
% |
|
|
68,648 |
|
|
3.8 |
% |
Other General Expense (Income) |
|
(892 |
) |
|
(0.1 |
)% |
|
|
(212 |
) |
|
— |
% |
Restructuring Expense |
|
2,386 |
|
|
0.1 |
% |
|
|
— |
|
|
— |
% |
Goodwill Impairment |
|
5,820 |
|
|
0.3 |
% |
|
|
— |
|
|
— |
% |
Asset Impairment |
|
17,040 |
|
|
1.0 |
% |
|
|
— |
|
|
— |
% |
Operating Income |
|
49,277 |
|
|
2.9 |
% |
|
|
87,729 |
|
|
4.8 |
% |
Interest Income |
|
638 |
|
|
— |
% |
|
|
153 |
|
|
— |
% |
Interest Expense |
|
(22,839 |
) |
|
(1.3 |
)% |
|
|
(16,263 |
) |
|
(0.9 |
)% |
Non-Operating Income (Expense), net |
|
(1,877 |
) |
|
(0.1 |
)% |
|
|
3,125 |
|
|
0.2 |
% |
Other Income (Expense), net |
|
(24,078 |
) |
|
(1.4 |
)% |
|
|
(12,985 |
) |
|
(0.7 |
)% |
Income Before Taxes on Income |
|
25,199 |
|
|
1.5 |
% |
|
|
74,744 |
|
|
4.1 |
% |
Provision for Income Taxes |
|
4,688 |
|
|
0.3 |
% |
|
|
18,913 |
|
|
1.0 |
% |
Net Income |
$ |
20,511 |
|
|
1.2 |
% |
|
$ |
55,831 |
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
||||||
Earnings Per Share of Common Stock: |
|
|
|
|
|
|
|
||||||
Basic |
$ |
0.82 |
|
|
|
|
$ |
2.24 |
|
|
|
||
Diluted |
$ |
0.81 |
|
|
|
|
$ |
2.22 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Average Number of Shares Outstanding: |
|
|
|
|
|
|
|
||||||
Basic |
|
25,079 |
|
|
|
|
|
24,904 |
|
|
|
||
Diluted |
|
25,278 |
|
|
|
|
|
25,076 |
|
|
|
||
| Condensed Consolidated Statements of Cash Flows | Fiscal Year Ended |
||||||
(Unaudited) |
June 30, |
||||||
(Amounts in Thousands) |
|
2024 |
|
|
|
2023 |
|
Net Cash Flow provided by (used for) Operating Activities |
$ |
73,217 |
|
|
$ |
(13,804 |
) |
Net Cash Flow used for Investing Activities |
|
(46,521 |
) |
|
|
(90,467 |
) |
Net Cash Flow provided by Financing Activities |
|
8,974 |
|
|
|
99,179 |
|
Effect of Exchange Rate Change on Cash, Cash Equivalents, and Restricted Cash |
|
(755 |
) |
|
|
(895 |
) |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash |
|
34,915 |
|
|
|
(5,987 |
) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period |
|
43,864 |
|
|
|
49,851 |
|
Cash, Cash Equivalents, and Restricted Cash at End of Period |
$ |
78,779 |
|
|
$ |
43,864 |
|
(Unaudited) |
|
|
|||
Condensed Consolidated Balance Sheets |
June 30, 2024 |
|
June 30, 2023 |
||
(Amounts in Thousands) |
|||||
ASSETS |
|
|
|
||
Cash and cash equivalents |
$ |
77,965 |
|
$ |
42,955 |
Receivables, net |
|
282,336 |
|
|
308,167 |
Contract assets |
|
76,320 |
|
|
78,798 |
Inventories |
|
338,116 |
|
|
450,319 |
Prepaid expenses and other current assets |
|
44,682 |
|
|
49,188 |
Assets held for sale |
|
27,587 |
|
|
— |
Property and Equipment, net |
|
269,659 |
|
|
267,684 |
Goodwill |
|
6,191 |
|
|
12,011 |
Other Intangible Assets, net |
|
2,994 |
|
|
12,335 |
Other Assets, net |
|
82,069 |
|
|
38,262 |
Total Assets |
$ |
1,207,919 |
|
$ |
1,259,719 |
|
|
|
|
||
LIABILITIES AND SHARE OWNERS’ EQUITY |
|
|
|
||
Current portion of borrowings under credit facilities |
$ |
59,837 |
|
$ |
46,454 |
Accounts payable |
|
213,551 |
|
|
322,274 |
Advances from customers |
|
30,151 |
|
|
33,905 |
Accrued expenses |
|
63,189 |
|
|
72,515 |
Liabilities held for sale |
|
8,594 |
|
|
— |
Long-term debt under credit facilities, less current portion |
|
235,000 |
|
|
235,000 |
Long-term income taxes payable |
|
3,255 |
|
|
5,859 |
Other long-term liabilities |
|
53,881 |
|
|
19,718 |
Share Owners’ Equity |
|
540,461 |
|
|
523,994 |
Total Liabilities and Share Owners’ Equity |
$ |
1,207,919 |
|
$ |
1,259,719 |
Other Financial Metrics |
|||||||||||
(Unaudited) |
|||||||||||
(Amounts in Millions, except CCD) |
|||||||||||
|
At or For the |
|
|
|
|
||||||
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||
|
June 30, |
|
June 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Depreciation and Amortization |
$ |
9.5 |
|
$ |
8.6 |
|
$ |
38.0 |
|
$ |
32.4 |
Stock-Based Compensation |
$ |
1.8 |
|
$ |
1.6 |
|
$ |
7.2 |
|
$ |
6.9 |
Cash Conversion Days (CCD) (1) |
|
100 |
|
|
94 |
|
|
|
|
||
Open Orders (2) |
$ |
714 |
|
$ |
798 |
|
|
|
|
||
(1) |
Cash Conversion Days (“CCD”) are calculated as the sum of Days Sales Outstanding plus Contract Asset Days plus Production Days Supply on Hand less Accounts Payable Days and less Advances from Customers Days. CCD, or a similar metric, is used in our industry and by our management to measure the efficiency of managing working capital. |
|
(2) |
Open Orders are the aggregate sales price of production pursuant to unfulfilled customer orders. |
|
Select Financial Results of Automation, Test and Measurement |
||||||||||||
(Unaudited) |
||||||||||||
(Amounts in Millions) |
||||||||||||
|
Three Months Ended |
|
Fiscal Year Ended |
|||||||||
|
June 30, |
|
June 30, |
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Net Sales |
$ |
14.8 |
|
$ |
28.0 |
|
$ |
45.7 |
|
|
$ |
68.6 |
Operating Income (Loss) (1) |
$ |
2.0 |
|
$ |
6.6 |
|
$ |
(22.2 |
) |
|
$ |
6.7 |
(1) |
Includes asset impairment of |
|
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||||
(Unaudited, Amounts in Thousands, except Per Share Data) |
|||||||||||||||
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net Sales Growth (vs. same period in prior year) |
|
(13 |
)% |
|
|
33 |
% |
|
|
(6 |
)% |
|
|
35 |
% |
Foreign Currency Exchange Impact |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(3 |
)% |
Constant Currency Growth |
|
(13 |
)% |
|
|
33 |
% |
|
|
(6 |
)% |
|
|
38 |
% |
|
|
|
|
|
|
|
|
||||||||
Net Sales, as reported |
$ |
430,158 |
|
|
$ |
496,141 |
|
|
$ |
1,714,510 |
|
|
$ |
1,823,429 |
|
Net Sales from Automation, Test & Measurement |
|
14,771 |
|
|
|
28,031 |
|
|
|
45,674 |
|
|
|
68,608 |
|
Net Sales excluding Automation, Test & Measurement |
$ |
415,387 |
|
|
$ |
468,110 |
|
|
$ |
1,668,836 |
|
|
$ |
1,754,821 |
|
|
|
|
|
|
|
|
|
||||||||
Selling and Administrative Expenses, as reported |
$ |
15,890 |
|
|
$ |
18,444 |
|
|
$ |
66,626 |
|
|
$ |
68,648 |
|
SERP |
|
(96 |
) |
|
|
(243 |
) |
|
|
(680 |
) |
|
|
(701 |
) |
Adjusted Selling and Administrative Expenses |
$ |
15,794 |
|
|
$ |
18,201 |
|
|
$ |
65,946 |
|
|
$ |
67,947 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (Loss), as reported |
$ |
19,608 |
|
|
$ |
31,449 |
|
|
$ |
49,277 |
|
|
$ |
87,729 |
|
SERP |
|
96 |
|
|
|
243 |
|
|
|
680 |
|
|
|
701 |
|
Legal Settlements (Recovery) |
|
— |
|
|
|
(212 |
) |
|
|
(892 |
) |
|
|
(212 |
) |
Restructuring Expense |
|
764 |
|
|
|
— |
|
|
|
2,386 |
|
|
|
— |
|
Goodwill Impairment |
|
— |
|
|
|
— |
|
|
|
5,820 |
|
|
|
— |
|
Asset Impairment |
|
476 |
|
|
|
— |
|
|
|
17,040 |
|
|
|
— |
|
Adjusted Operating Income |
$ |
20,944 |
|
|
$ |
31,480 |
|
|
$ |
74,311 |
|
|
$ |
88,218 |
|
Adjusted Operating Income % |
|
|
|
|
|
4.3 |
% |
|
|
4.8 |
% |
||||
Stock Compensation Expense |
|
|
|
|
|
7,185 |
|
|
|
6,914 |
|
||||
Adjusted Operating Income - FY25 Guidance Comparison |
|
|
|
|
$ |
81,496 |
|
|
$ |
95,132 |
|
||||
Adjusted Operating Income % - FY25 Guidance Comparison |
|
|
|
|
|
4.8 |
% |
|
|
5.2 |
% |
||||
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss), as reported |
$ |
7,543 |
|
|
$ |
19,202 |
|
|
$ |
20,511 |
|
|
$ |
55,831 |
|
Adjustments After Measurement Period on GES Acquisition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
279 |
|
Legal Settlements (Recovery), After-Tax |
|
— |
|
|
|
(161 |
) |
|
|
(676 |
) |
|
|
(161 |
) |
Restructuring Expense, After-Tax |
|
580 |
|
|
|
— |
|
|
|
1,810 |
|
|
|
— |
|
Goodwill Impairment, After-Tax |
|
— |
|
|
|
— |
|
|
|
4,414 |
|
|
|
— |
|
Asset Impairment, After-Tax |
|
238 |
|
|
|
— |
|
|
|
9,787 |
|
|
|
— |
|
Adjusted Net Income |
$ |
8,361 |
|
|
$ |
19,041 |
|
|
$ |
35,846 |
|
|
$ |
55,949 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings per Share, as reported |
$ |
0.30 |
|
|
$ |
0.76 |
|
|
$ |
0.81 |
|
|
$ |
2.22 |
|
Adjustments After Measurement Period on GES Acquisition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Legal Settlements (Recovery) |
|
— |
|
|
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
Restructuring Expense |
|
0.02 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
— |
|
Goodwill Impairment |
|
— |
|
|
|
— |
|
|
|
0.18 |
|
|
|
— |
|
Asset Impairment |
|
0.01 |
|
|
|
— |
|
|
|
0.39 |
|
|
|
— |
|
Adjusted Diluted Earnings per Share |
$ |
0.33 |
|
|
$ |
0.76 |
|
|
$ |
1.42 |
|
|
$ |
2.23 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fiscal Year Ended |
||||||||||||
|
|
|
June 30, |
||||||||||||
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
||||
Operating Income |
|
|
|
|
$ |
49,277 |
|
|
$ |
87,729 |
|
||||
Goodwill Impairment |
|
|
|
|
|
5,820 |
|
|
|
— |
|
||||
SERP |
|
|
|
|
|
680 |
|
|
|
701 |
|
||||
Legal Recovery |
|
|
|
|
|
(892 |
) |
|
|
(212 |
) |
||||
Restructuring Expense |
|
|
|
|
|
2,386 |
|
|
|
— |
|
||||
Asset Impairment |
|
|
|
|
|
17,040 |
|
|
|
— |
|
||||
Adjusted Operating Income (non-GAAP) |
|
|
|
|
$ |
74,311 |
|
|
$ |
88,218 |
|
||||
Tax Effect |
|
|
|
|
|
16,332 |
|
|
|
22,235 |
|
||||
After-tax Adjusted Operating Income |
|
|
|
|
$ |
57,979 |
|
|
$ |
65,983 |
|
||||
Average Invested Capital (1) |
|
|
|
|
$ |
782,093 |
|
|
$ |
701,364 |
|
||||
ROIC |
|
|
|
|
|
7.4 |
% |
|
|
9.4 |
% |
||||
(1) |
Average invested capital is computed using Share Owners’ equity plus current and non-current debt less cash and cash equivalents averaged for the last five quarters. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240813648435/en/
Andrew D. Regrut
Treasurer and Investor Relations Officer
812.827.4151
Investor.Relations@kimballelectronics.com
Source: Kimball Electronics, Inc.
FAQ
What were Kimball Electronics' (KE) Q4 fiscal 2024 financial results?
How much cash flow did Kimball Electronics (KE) generate in Q4 2024?
What is Kimball Electronics' (KE) financial guidance for fiscal 2025?
How did Kimball Electronics' (KE) inventory levels change in fiscal 2024?
